transitioned14 Nov 2016 16:18
Just rethinking the information I had ~End of Q4 should see the income in the region of £Million plus~bearing in mind advanced book orders.We could be given some idea of where we stand with targeted cash generation for next year.
From the RNS of 5 weeks ago ~
The Board believes that this is a valuable addition to its published KPIs and is pleased to report an increase in served advertising impressions from 43.5m in Q2 to 59.0m in Q3. This represents approximately 35% growth quarter on quarter, demonstrating Audioboom's commitment to commercialisation across its platform.
Audioboom had 8,948 content channels at the end of Q3, adding over 800 during the quarter, including Saavn, India's largest music service. Additionally, Audioboom has signed new sales and distribution deals with Spotify, TargetSpot and Pandora.
Most importantly, Q3 revenues exceeded the total revenue generated in H1, reflecting the momentum Audioboom is now enjoying. Advance bookings for Q4 and into 2017 show this growth continuing to accelerate. The Board is, therefore, confident in meeting its revenue expectations for the full year ending on 30 November 2016. The Board is targeting a cash-flow positive position by Q1 2018.
Finally, the Company previously announced that it was considering the acquisition of SONR News Limited ("SONR"), primarily for the purpose of obtaining its engineering team and Neuro-Linguistic Programming and Artificial Intelligence algorithms but also for the potential to accelerate the Company's speed-to-market of its proposed ad-serving platform. The Board confirms that it is continuing with its due diligence and is in ongoing negotiations with the board of SONR.
Rob Proctor, CEO of AB said: "We are now starting to see significant month on month increases in revenue. Crucially, Q3's performance, together with Q4 advance bookings, show AB has transitioned from a content focused business to a revenue focused business in the past twelve months. This fundamental change has taken time to execute and, now that we have done much of the work, we are starting to see the rewards.